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ASSIGNMENT, ASSUMPTION AND CONSENT AGREEMENT
<br /> THIS ASSIGNMENT, ASSUMPTION AND CONSENT AGREEMENT
<br /> ("Assignment Agreement") is entered into as of the 174 41 day of t C I, _, 2018, by and
<br /> among, HOUSING HOPE PROPERTIES, a Washington non-profit cor oration with its principal
<br /> offices at 5830 Evergreen Way, Everett, WA 98203, (hereinafter, "Assignor" or "Lender"),
<br /> HOPEWORKS STATION RESIDENTIAL LLLP, a Washington limited liability limited partnership,
<br /> whose General Partner is HopeWorks Station Residential GP LLC, a Washington limited
<br /> liability company, whose Sole Member is Housing Hope Properties, a Washington non-profit
<br /> corporation, with its principal offices at 5830 Evergreen Way, Everett, WA 98203, (hereinafter,
<br /> "Assignee"), and The City of Everett, a municipal corporation of the State of Washington, whose
<br /> address is 2930 Wetmore Avenue, Suite 8A, Everett, WA 98201 (hereinafter, "Lender").
<br /> WHEREAS, Assignor and Lender entered into that certain Loan Agreement dated
<br /> (the "Loan
<br /> Agreement"), pursuant to which Lender agreed to loan to Assignor(the"City Loan"), in connection
<br /> with the acquisition and/or repayment of bridge loans, development and the construction or
<br /> rehabilitation of the Property known as HopeWorks Station, located in Everett, Snohomish
<br /> County, Washington (the "Project"), and legally described on Attachment 1, attached hereto and
<br /> incorporated herein by reference (including all improvements thereon) (the "Property"); and
<br /> WHEREAS, to evidence the City Loan, Assignor executed that certain Promissory Note
<br /> (the "Note") made to the order of the Lender for the sum of Five Hundred Thousand Five Hundred
<br /> Thirty-Seven Dollars ($500,537), and such additional amounts as may be amended, as part of
<br /> the terms of Loan Agreement; and
<br /> WHEREAS, to secure payment of the Note, Assignor caused Assignee to execute that
<br /> certain Deed of Trust ("Deed of Trust") dated I1,1 (L i/
<br /> and recorded Iib, fah under Snohomish County Auditor's File No.
<br /> 1v{:1 L'l7 0 KI5-70 naming Lender as the Beneficiary; and
<br /> WHEREAS, Assignor now wishes to assign to Assignee and to have Assignee
<br /> assume all of Assignor's obligations under the Loan Agreement and the Note (collectively, the
<br /> "City Loan Documents"), and Assignee is willing to assume all of said obligations of Assignor
<br /> thereunder, including the Note; and
<br /> WHEREAS, Assignor seeks the consent of Lender to the assignment to and
<br /> assumption of the Loan Agreement and the Note by Assignee as set forth herein, and Lender is
<br /> willing to grant such consent on the terms and conditions set forth herein;
<br /> NOW, THEREFORE, for good and valuable consideration, including Assignee's
<br /> grant of a Deed of Trust and execution of an Use Restriction Covenant Agreement ("Use
<br /> Covenant Agreement"), both of which shall be recorded and become a lien upon Assignee's
<br /> Property, the receipt and sufficiency of which are hereby acknowledged, the parties agree that
<br /> the following covenants, terms, and conditions shall be part of and supplement the Loan
<br /> Agreement.
<br /> 1. Defined Terms. All capitalized terms defined in the Loan Agreement and used herein
<br /> shall have such defined meanings when used herein unless the context otherwise clearly
<br /> requires.
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